The government is now planning to sell three top commercial banks.
The under the Privatisation Act of 2005, is set to sell National Bank, ConsolidatedBank and the Development Bank alongside three othr parastatals.
The Privatisation Commission (PC) formed underthe Act is pushing for the sale of the facilities in order to raise funds for government projects.
An assessment of the institutions revealed that they registered dismal profits and heavily relied on the National Treasury.
The commission chairperson Henry Obwocha, however, lamented that the process had been delayed by bureaucracy.
Once we do the due diligence and find out that the company is doing well we hand it overto the National Treasury," Obwocha told the East African.
Some of the parastatals set for sale are Kenya Meat Commission, East African PortlandCement, Kengen, Kenya Pipeline Corporation, Kenya Ports Authority, and five sugar millers -Chemilil, Sony, Nzoia, Miwani and Muhoroni, Agrochemical and Food Corporation, New Kenya Co-operative Creameries,Numerical Machining Complex and Isolated Power stations, hotels (Kabarnet hotel, MtElgon Lodge Ltd, Golf Hotel Ltd, Sunset Hotel Ltd, Kenya Safari Lodges and Hotels Ltd) andthe Kenya Tourism Development Corporation associated companies which includeInternational Hotels Kenya Ltd, Kenya Hotels Properties Ltd, Mountain Lodge Ltd and ArkLtd.